Akbank tackling fraud with FICO System

FICO has announced that Akbank, one of Turkey’s leading financial institutions, will extend its use of FICO Falcon Fraud Manager to monitor demand deposit account (DDA) transactions, including online and mobile transactions. Akbank will be one of Europe’s first banks to monitor fraud on each customer’s card transactions, online banking, mobile banking and other activity using one system.

Akbank already uses FICO Falcon Fraud Manager to check credit and debit card transactions for suspicious activity, to monitor its merchant network for potential fraud, and to stop fraudulent applications for credit cards. By using one system to monitor credit and debit transactions, Akbank will further strengthen its fraud monitoring and perform customer-level fraud checks across multiple channels, including online banking, mobile banking, ATMs, call centers and branches.

With this richer stream of data, the FICO system can detect suspicious patterns faster and increase customer security. Akbank’s fraud team will use the system to deploy multiple fraud detection algorithms and manage fraud cases to speedy resolution using the advanced customer-level case management functionality in FICO Falcon. Akbank is using advanced analytics developed by FICO that examine both global and local fraud trends, and is also setting up special workflows for specific customer segments to improve performance.

“We have achieved very strong results using FICO Falcon Fraud Manager,” said Yeşim Harbath, senior vice president at Akbank. “By integrating the DDA module, we will be increasing our enterprise fraud protection for our valued customers, and minimizing customer disturbance through more efficient detection. The Falcon system provides a lower operational cost than if we ran two different systems, and we will also gain in resource efficiency by managing and maintaining just one fraud system for all channels. We reviewed several solutions, but FICO had the strongest product and the most experience helping banks like ours succeed.”

“As internet and mobile banking grow, a cross-channel view of a customer’s banking activity becomes more important for stopping fraud,” said Kerem Gul, who manages FICO’s operations in Turkey from the company’s new Istanbul offices. “We are proud to help banking leaders like Akbank make enterprise fraud management a reality.”

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